Salem Five Direct Bank Review 2023
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At a glance

CDs
Checking
Savings
About Bankrate Score
Overview
Salem Five Direct is an online bank that offers savers competitive yields.
Highlights
- ATM Fee Refunds
- High APY
- Low Min Deposit
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Overall
Salem Five Direct is best for savers who are comfortable banking online and who are seeking a competitive rate.
Pros
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The bank offers very competitive annual percentage yields (APYs) on its savings account for all balances — from 1 cent to $1 million.
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It provides generous ATM reimbursement on its checking account.
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Its mobile app is favorably reviewed.
Cons
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The bank offers a smaller selection of CDs.
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CDs have a much higher minimum requirement to open than many banks or credit unions.
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Salem Five Direct checking and savings customers have to pay a $9.95 bank transaction fee for having a transaction completed in a branch.
Salem Five Direct banking products
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 7/12/2023
Salem Five Direct savings overview
The account isn’t available to everyone.
You can’t open an eOne Savings account if you have a Salem Five Bank checking or savings account. (You can apply if you have an eOne Checking account.) You also need to apply online for the eOne Savings account.
Pros
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You only need to deposit $10 to open this account.
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The yield is competitive.
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There are no monthly fees.
Cons
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There’s a $10 fee for making more than six withdrawals or transfers during a statement cycle.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank experience
Salem Five Direct representatives can be reached toll-free by phone, but the bank also has a chat function on its website to help answer customer questions.
Its app has earned positive reviews in the Apple App Store and on Google Play. The app includes Zelle functionality, so you can easily send money to people you know. The app also includes card controls to quickly turn your debit card off within the app should the card go missing or be stolen.
About Salem Five Direct
Salem Five Direct is an online division of Salem Five, a bank that was founded in 1855 in Salem, Massachusetts. The division was the first online bank, started in 1995.
Salem Five Direct offers certificates of deposit, savings accounts and checking accounts. Its fees are low, and its rates are competitive.
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.